Extradition from HK to mainland China would help fight money laundering | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
June 05, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, JUNE 05, 2023
Extradition from HK to mainland China would help fight money laundering

World+Biz

Reuters
05 September, 2019, 03:00 pm
Last modified: 05 September, 2019, 03:05 pm

Related News

  • United Nations 'alarmed' by Hong Kong June 4 detentions
  • China tightens access to Tiananmen Square, 32 detained in Hong Kong on anniversary of 1989 protests
  • New US visa policy to curb money laundering: Momen
  • Bangladesh showcases its art and culture in '2nd Belt and Road National Art and Culture Expo 2023'
  • Last emperor of China's watch sells for record Tk67 crore in Hong Kong auction

Extradition from HK to mainland China would help fight money laundering

FATF found that Hong Kong had a "sound regime to fight money laundering and terrorist financing that is delivering good results

Reuters
05 September, 2019, 03:00 pm
Last modified: 05 September, 2019, 03:05 pm
 A general view of Hong Kong, China, September 4, 2019/ Reuters
A general view of Hong Kong, China, September 4, 2019/ Reuters

The lack of a mechanism in Hong Kong to extradite suspects to mainland China is an obstacle to tackling money laundering and terrorism financing, a watchdog said on Wednesday as Hong Kong withdrew anextradition bill that sparked mass protests.

The Financial Action Task Force (FATF), an international body that assessesmoney-laundering standards, said in a report that Hong Kong should "look at ways to improve its ability to cooperate with other parts of China through formal means".

While there were legal impediments to such cooperation, informal co-operation was robust and "partially mitigates the legal shortcomings", it added.

In February the Hong Kong government proposed a law that would allow people to be extradited from the city to mainland China, citing among other reasons a previous FATF report noting the absence of such a mechanism.

Mass protests against the bill have pushed Hong Kong to the edge of anarchy and left the city of seven million people deeply divided.

Hong Kong Chief Executive Carrie Lam said on Wednesday that the bill would be withdrawn.

The potential for money laundering is a concern in Hong Kong, an international hub for finance, trade and transport with strong links to mainland China.

The Hong Kong Monetary Authority (HKMA), Hong Kong's central bank, has made anti-money laundering and measures to counter terrorism financing priorities for each year since 2016.

Overall, FATF found that Hong Kong had a "sound regime to fight moneylaundering and terrorist financing that is delivering good results".

Etelka Bogardi, a partner at law firm Norton Rose Fulbright in Hong Kong, said that while the report was generally positive about large financial institutions in Hong Kong it raised concerns about supervision of smaller players like moneylenders, money service operators and trust and company service providers.

"I think we might see more scrutiny of them in the future,” she said.

Hong Kong amended its anti-money laundering legislation in March 2018 to require trust and company service providers - the 6,000 of which in Hong Konghelp with the formation of companies - to meet higher anti-money launderingrequirements ahead of the FATF review.

The FATF report said Hong Kong should continue to prioritise implementation of the new regime, noting concerns that such providers could be used to form companies that take part in sanction evasion particularly with respect to North Korea.

The report also said Hong Kong did not "appear to be making enough proactive efforts to pursue proceeds of crime outside the jurisdiction".

HKMA Deputy Chief Executive Arthur Yuen said the report was a "positive assessment".

Top News / Global Economy

hong kong / Money laundering

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • An anatomy of power crisis
    An anatomy of power crisis
  • Photo: PID
    Fuel deals signed with Qatar and Oman, steps taken to buy coal: PM
  • FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah
    Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024

MOST VIEWED

  • Police detain a man with the scripts of Chong Mui Ngam's "May 35", a term used by Chinese internet users to get around censorship of posts about the 1989 Tiananmen Square crackdown, near where the candlelight vigil is usually held, in Hong Kong, China June 4, 2023. REUTERS/Tyrone Siu
    United Nations 'alarmed' by Hong Kong June 4 detentions
  • Photo: Collected
    Bangladeshi family survives deadly Odisha rail crash, expresses gratefulness to strangers who helped
  • FILE PHOTO: US Navy guided-missile destroyer USS Chung-Hoon sails alongside the Royal Canadian Navy frigate HMCS Montreal during Surface Action Group operations as a part of exercise “Noble Wolverine" in the South China Sea May 30, 2023. US Navy/Naval Air Crewman (Helicopter) 1st Class Dalton Cooper/Handout via REUTERS
    Chinese warship passed in 'unsafe manner' near US destroyer in Taiwan Strait, military officials say
  • REUTERS/Adnan Abidi
    India rescue work ends as focus turns to cause of worst train crash in decades
  • Israeli Prime Minister Benjamin Netanyahu speaks during a news conference with Italian Prime Minister Giorgia Meloni after their meeting at Palazzo Chigi, in Rome, Italy, March 10, 2023. REUTERS/Guglielmo Mangiapane
    Netanyahu convenes Iran war drill, scorns UN nuclear watchdog
  • Photo: DW
    Zelenskiy says Russia is evading sanctions on weapons

Related News

  • United Nations 'alarmed' by Hong Kong June 4 detentions
  • China tightens access to Tiananmen Square, 32 detained in Hong Kong on anniversary of 1989 protests
  • New US visa policy to curb money laundering: Momen
  • Bangladesh showcases its art and culture in '2nd Belt and Road National Art and Culture Expo 2023'
  • Last emperor of China's watch sells for record Tk67 crore in Hong Kong auction

Features

GarbageMan, launched in 2017, offers a modern, scientific and efficient approach towards waste management. Photo: Courtesy

Beating plastic pollution: Local startups build businesses around waste

47m | Panorama
New battleground of global powers

New battleground of global powers

15h | Panorama
Understanding the Indo-Pacific: A case of two rivalries

Understanding the Indo-Pacific: A case of two rivalries

15h | Panorama
US and its allies in the Ind-Pacific

US and its allies in the Ind-Pacific

15h | Panorama

More Videos from TBS

The fitness industry of Bangladesh tries to reshape from corona effect

The fitness industry of Bangladesh tries to reshape from corona effect

13h | TBS Stories
Ukraine ready to launch counteroffensive

Ukraine ready to launch counteroffensive

16h | TBS World
Mughal Emperor Shah Jahan's food on the streets of Dhaka

Mughal Emperor Shah Jahan's food on the streets of Dhaka

21h | TBS Food
This time Kawali was organized by open library

This time Kawali was organized by open library

1d | TBS Entertainment

Most Read

1
bKash denied permission to pay $4.10 lakh for Argentina football partnership
Banking

bKash denied permission to pay $4.10 lakh for Argentina football partnership

2
Boeing offers Biman its latest 787-10 Dreamliner
Bangladesh

Boeing offers Biman its latest 787-10 Dreamliner

3
Photo: Noor-A-Alam/TBS
Splash

The Night Dhaka did NOT vibe with Anuv Jain

4
Country's first floating solar power plant connected to national grid
Energy

Country's first floating solar power plant connected to national grid

5
File Photo: Mohammad Minhaj Uddin/TBS
Bangladesh

Low-cost housing planned for 4 lakh Bangabandhu Shilpa Nagar workers

6
Photo: TBS
Environment

Green space in Dhaka North declines 66% in 3 decades: Study

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]